What is the European Union (EU)? Discuss how the EU affects both ...

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What is the European Union (EU)? Discuss how the EU affects both Europe and international managers working in Europe.
 
  What will be an ideal response?

Question 2

NAFTA is an agreement that came into force to lower tariffs to 25 percent within three to five years, and to eliminate them within seven years.
 
  Indicate whether the statement is true or false

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Answer to Question 1

The EU now comprises a 27-nation, unified market of over 400 million people. Since the euro became a legally tradable currency, Europe's business environment has been transformed. The vast majority of legislative measures have been adopted to create an internal market with free movement of goods and people among the EU countries. The elimination of internal tariffs and customs, as well as financial and commercial barriers, has not eliminated national pride.
Global managers face two major tasks in the EU. One is strategic: how firms outside of Europe can deal with the implications of the EU and of what some have called a Fortress Europethat is, a market giving preference to insiders. The other task is cultural: how to deal effectively with multiple sets of national cultures, traditions, and customs within Europe, such as differing attitudes about how much time should be spent on work versus leisure activities.

Answer to Question 2

FALSE